Elanor buys WorkZone West from Charter Hall

Elanor Investors Group has announced that it will purchase the A-grade WorkZone West commercial property at 202 Pier St, Perth WA for $125.25M from the Charter Hall Direct WorkZone Trust. The 15,602sqm modern office was constructed in 2013 and is currently fully leased to CBP Contractors (a subsidiary of CIMIC) with a WALE of 7.4 years. The property was originally acquired by the Charter Hall Direct WorkZone Trust in 2013 for $124.5M in a five-year unlisted fund. Elanor will acquire the property in a new unlisted fund, the WorkZone West Syndicate, and intends to invest in approximately 51% of the fund via the Elanor Commercial Property Fund, with the balance to held by new capital partners.